Optimal Replacement Planning by Geometric Programming |
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| Authors: | CHENG T. C. E. |
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| Affiliation: | Department of Actuarial and Management Sciences, University of Manitoba Winnipeg, Manitoba, Canada R3T 2N2 |
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| Abstract: | Geometric programming (GP) is suggested as an analytical toolfor solving replacement problems with infinite time horizon.The GP solution method is described and explained through theformulation and solution of a typical replacement problem. Asimple example is worked out to demonstrate the pint that GPhas potential as an appropriate mathematical tool for the analysisof certain types of replacement problems. |
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